II
119th CONGRESS
2d Session
S. 4033
IN THE SENATE OF THE UNITED STATES
March 10, 2026
Mr. Husted introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. Short title
This Act may be cited as the Critical Minerals Investment Tax Modernization Act of 2026
.
Sec. 2. Adjustment of percentage depletion rate for certain rare earths
(a) 22 percent depletion rate
Section 613(b)(1)(B) of the Internal Revenue Code of 1986 is amended by inserting rare earths (in this subparagraph defined as the 15 lanthanide elements), scandium,
before tantalum
.
(b) Effective date
The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.